To obtain a cash loan for your car title, you must first contact a title loan lending company, such as Ace Cash Express or Auto Cash USA. These businesses accept loan applications through the Internet or in person at a physical location.
To start the application process, provide the company with your car title, along with proof of steady income. Your car title must list you as the sole owner with no liens, according to the Ace Cash Express website. These loans require no credit check, and the income verification process is generally minimal, as explained on AutoCashUSA.com. Once approved, you receive a cash loan amount relative to the value of your car. You generally must provide your bank routing and checking account numbers to facilitate automatic payments on the loan.
Some lenders require you to leave a car key, as explained in a report by CNN. The article also explains that car title loans are often classified as predatory lending. Annual interest rates can routinely reach 250 percent, depending on laws within your state. Car title lenders may charge a variety of fees, according to CNN, including processing fees and late fees. Some also require roadside assistance for the loan's duration.